By Eduardo Borensztein, Kevin Cowan, Barry Eichengreen, Ugo Panizza
The 1st finished exam of the significance of neighborhood bond marketplace improvement in Latin the US, with conceptual and comparative tests, case reviews of six international locations, and new, specified info units.
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Extra resources for Bond Markets in Latin America: On the Verge of a Big Bang?
Namely, funding of the Treasury through the bond market makes possible the removal of government debt from the balance sheet of banks and thus reduces the exposure of banks to government debt default crises. A bank run need not develop if the portfolio of banks is such that the share of government bond holdings is low in proportion to the banks’ capital. This opens the door for the possibility that banks themselves may be able to survive a government debt crisis. Currently, under Basel I regulations, banks have incentives to hold government debt as it is considered a safe asset and therefore requires no equity capital.
Finally, a third approach proposed by Boot and Thakor (1997) focuses on ﬁrms’ different propensities toward moral hazard or likelihood to engage in asset substitution, or more generally in corporate malfeasance. Thus, in their model, as in Diamond (1991), ﬁrms with lower observable malfeasance risk turn to market ﬁnancing while ﬁrms with greater risk of moral hazard require closer monitoring through bank lending. Moreover, as the economy improves, there is a gradual shift toward market ﬁnancing as the average quality of borrowers then also increases.
Optimal Debt? ’’ Working Paper No. 574, Research Department, Inter-American Development Bank. McCauley, Robert, and Eli Remolona (2000). ’’ BIS Quarterly Review (November), 52–60. Mihaljek, Dubravko, Michela Scatigna, and Agustin Vilar (2002). ’’ In BIS Papers No. ’’ Tovar, Camilo (2005). ’’ BIS Quarterly Review, December 2005. Turner, Philip (2002). ’’ In BIS Papers No. ’’ Zervos, Sarah (2004). ’’ World Bank, Policy Working Paper No. 3424. 2 How Can Emerging Market Economies Beneﬁt from a Corporate Bond Market?